Equinor (EQNR, Financials) reported adjusted operating income of $7.90 billion for the fourth quarter of 2024, with net operating income reaching $8.74 billion.

Along with a $0.37 per share dividend and a share repurchase program of up to $5 billion, the business also revealed a total capital distribution plan for 2025 that runs up to $9 billion. Strong oil and gas production, ongoing operational efficiency, and value-oriented deals drove Equinor's fourth-quarter results. With an after-tax adjusted income of $2.29 billion and adjusted earnings per share of $0.63, the business generated solid financial results.

According to the corporation, its average return on capital invested in 2024 is predicted to be 21% and should stay above 15% until 2030. Supported by cost cuts and reduced capital expenditures, free cash flow estimates for 20252027 have risen to $23 billion. Between 2024 and 2027, Equinor also forecasts oil and gas output to rise by more than 10%. With an altered objective of 1012 gigawatts of renewable capacity by 2030, investment in low-carbon solutions and renewables will be reduced to around $5 billion for 20252027.

CEO Anders Opedal said Equinor is still dedicated to providing competitive shareholder returns and that it maintains its approach of balancing low-carbon projects with energy production. He underlined how better cost control and a disciplined investment strategy would boost cash flow and enable the business to maintain capital distribution.

Slightly less than 2.20 mboe/d in the same period last year, total production for the quarter averaged 2.07 million barrels of oil equivalent daily (mboe/d), down due to natural declines and asset divestments in Azerbaijan and Nigeria. Strong output from the Troll and Johan Sverdrup fields helped to keep Norwegian Continental Shelf production stable. From ten offshore exploration wells drilled during the quarter, the business also produced four commercial discoveries. Driven by new onshore projects in Brazil and Poland, electricity production in the renewables sector climbed by 19% in Q4 and 51% for the whole year.

Equinor said realized liquids prices were $68.5 per barrel, while its European gas price realization was $13.5 per mmbtu. For the quarter, operational activity cash flow before taxes and working capital changes came to $9.81 billion. Net cash flow finished for Q4 at minus $4.57 billion after taxes, capital distribution, and investments; for the whole year, it was negative $12.2 billion. At the conclusion of the quarter, the firm had a solid financial position with a net debt-to-capital employed adjusted ratio of 11.9%.

The board of Equinor has suggested a $0.37 per share dividend for Q4 2024, up $0.02 from the previous quarter. Beginning May 15, 2025, the Equinor share will trade ex-dividend on the Oslo Brs and on the New York Stock Exchange. The board also authorized a $5 billion share repurchase scheme for 2025. Worth up to $1.2 billion, the first tranche will start on February 6 and end no later than April 2, 2025. Based on balance sheet health and market conditions, additional tranches will be evaluated periodically.